How to Check if I Have Premium Bonds?
Could you be sitting on a winning Premium Bond without knowing it? Could there be money waiting for you that you have never claimed? And if so, how would you find out?
According to the most recent National Savings and Investments (NS&I) statistics from October 2024, a staggering £88.4 million worth of Premium Bond prizes remain unclaimed.
This figure represents more than 2.45 million prizes that have been won but never collected. These are not just small amounts either while many are modest £25 or £50 wins, some are substantial, and they all remain the rightful property of their owners.
One of the unique features of Premium Bonds is that unclaimed prizes never expire. They stay in the NS&I records indefinitely, ready to be claimed by the rightful owner, no matter how much time has passed since the win. This means that a forgotten investment from decades ago could still result in a windfall today.
How Do Premium Bonds Work?
Premium Bonds are a savings product offered by NS&I, backed by the UK Government, which means your capital is completely secure. However, unlike a traditional savings account, you do not receive a set interest rate. Instead, your money is entered into a monthly prize draw where each £1 bond is a unique entry.
The prizes range from £25 to £1 million, and all are tax-free. The minimum amount you can invest is £25, while the maximum is £50,000.
Prize rates, which represent the average annual payout to all bondholders, have changed recently:
| Date | Prize Fund Rate | Odds of Winning |
| March 2024 | 4.4% (down from 4.65%) | 21,000 to 1 |
| December 2024 | 4.15% | 22,000 to 1 |
| January 2025 | 4% | 22,000 to 1 |
While the odds have become slightly less favourable, NS&I will still award over 5.8 million prizes worth more than £431 million in January 2025 alone.
Andrew Westhead, NS&I Retail Director, explains the reasoning for the cuts:
“We carefully review our savings rates in response to changes in the broader market. These adjustments help us meet our Net Financing target while balancing the interests of our savers, taxpayers and the wider financial services sector.”
Should You Be Buying Premium Bonds Right Now?
Whether Premium Bonds are a good choice for you depends on your financial priorities. They offer a level of excitement and the potential for tax-free prizes, but there are no guarantees.
For some savers, the government guarantee and flexibility make them attractive. For others, the lack of a predictable return is a drawback, especially at a time when the best easy-access savings accounts are offering over 5% interest.
Sarah Coles, head of personal finance at Hargreaves Lansdown, warns:
“Between November and January, the rate will have dropped from 4.4% to 4%. Most savers will get far less than this. The lengthening of the odds of a win should be food for thought for anyone losing money after inflation.”
It is worth remembering that even though the average prize rate is 4%, this does not mean every investor will receive that return. Prizes are distributed randomly, so it is possible to hold bonds for years and win nothing.
Why Are So Many Premium Bond Prizes Unclaimed?
It is surprisingly easy for Premium Bond prizes to go unclaimed. People move house without updating NS&I with their new address, letters are misplaced, or investments bought for children are forgotten about as they grow older.
In some cases, the bonds have been passed down through families without anyone realising they exist. Life events such as bereavements, job changes, and relocations all contribute to the loss of contact between NS&I and bondholders.
One famous example highlights just how long prizes can remain unclaimed. In 2004, a resident of Newham who had purchased £17 in bonds back in 1959 won the £1 million jackpot.
Because NS&I still had their correct address, Agent Million the official who delivers news of jackpot wins was able to knock on their door with the life-changing news.
How Can You Check if You Have Unclaimed Premium Bond Prizes?
The process for checking if you own Premium Bonds or have unclaimed prizes depends on whether you have your holder’s number.
If you know your holder’s number, you can:
- Log into the NS&I website and use the Prize Checker tool.
- Download the NS&I Prize Checker app from the App Store or Google Play.
- Ask Amazon Alexa using the Premium Bonds prize checker skill.
If you do not know your holder’s number but still have your NS&I number (found on old correspondence), you can use it to log into your account online and retrieve your holder’s number from the account details page.
What If You’ve Lost or Forgotten Your Premium Bond Details?
Losing your Premium Bond information does not mean you lose your investment. NS&I offers several ways to recover your details.
You can contact them by phone at 08085 007 007, providing as much information as possible about past addresses, approximate dates of purchase, and investment amounts. Alternatively, you can write to NS&I or use their Tracing Service.
There is also a service called My Lost Account, which allows you to search for lost bank accounts, savings accounts, and Premium Bonds across multiple financial institutions.
Can You Buy Premium Bonds as a Gift?
Premium Bonds can be bought for children under 16 by any adult, including grandparents, godparents, or family friends. The bonds are held in the name of the child but are managed by a parent or guardian until the child turns 16.
Purchases can be made online through nsandi.com/gift or by post. The process is straightforward and provides a secure, flexible gift that could result in a prize in the future.
How Do Premium Bonds Compare to Savings Accounts?
Premium Bonds and savings accounts are fundamentally different products.
A savings account will pay a guaranteed interest rate, making it predictable and reliable. Premium Bonds, on the other hand, do not guarantee any return instead, they offer the chance of winning prizes, with the average return reflected in the prize fund rate.
Martin Lewis, founder of MoneySavingExpert, offers a simple way to understand the difference:
“Line up everyone with £1,000 worth of Premium Bonds in order of their year’s winnings, and the person halfway along would have won… not a penny! You’d need to walk past 60% of the line until you hit the first £25 winner.”
| Feature | Premium Bonds | Easy-Access Savings Account |
| Return type | Random prize wins | Guaranteed interest |
| Current rate | 4% prize fund (Jan 2025) | 5%+ interest available |
| Risk | Capital 100% safe | Capital up to £85,000 protected (FSCS) |
| Access | Instant | Instant or limited withdrawals |
Can Premium Bonds Be Passed On After Death?
Premium Bonds cannot be directly transferred to another person, but they remain eligible to win prizes for up to 12 months after the holder’s death. The executor of the estate can cash them in, and any prizes won can be claimed at any time.
It is important to note that Premium Bonds are not exempt from inheritance tax.
Are Premium Bonds Right for You?
Premium Bonds may be a good fit for someone who values security, enjoys the possibility of winning a large tax-free prize, and has already maximised other savings allowances. They may also suit those who want a flexible place to hold cash earmarked for short-term use.
However, they may not be the best option for those seeking a steady income, guaranteed returns, or higher interest rates from traditional savings products.
How Often Should You Check Your Premium Bonds?
NS&I holds prize draws every month, and it is wise to check your bonds each time. Regular checking ensures that if you do win, you can update your details promptly and claim your prize without delay.
While unclaimed prizes do not expire, keeping your contact information up to date and reviewing your holdings regularly reduces the risk of missing out.
Conclusion – What’s the Next Step?
With over £88 million in unclaimed Premium Bond prizes, the potential for finding forgotten winnings is significant. The process of checking is quick, whether online, through the app, or by contacting NS&I directly.
Even if you have never consciously purchased Premium Bonds, it is worth checking you may have been gifted some as a child or inherited them unknowingly. Taking a few minutes to investigate could result in a welcome financial surprise.
FAQs
How can I check if I have Premium Bonds without my holder’s number?
You can contact NS&I by phone, post, or use their Tracing Service to search using your personal details.
Do Premium Bond prizes expire?
No, they remain claimable indefinitely, no matter how long ago you won.
What is the minimum investment for Premium Bonds?
You can invest from as little as £25.
Can Premium Bonds be inherited?
They cannot be transferred but remain eligible for prizes for 12 months after the holder’s death.
How often are Premium Bond prize draws held?
Draws take place every month.
What are the current odds of winning a Premium Bond prize?
From December 2024, the odds are 22,000 to 1 for each £1 bond.
Is the prize rate the same as interest?
No, the prize rate is an average payout across all bonds; individual returns can be higher or lower, or nothing at all.
